Analysts at CIBC Capital Markets and TD Securities raised their price targets on Saputo Inc. (SAP.TO) to $47 from $44, and to $51 from $49, respectively.

CIBC analyst Mark Petrie maintained an Outperformer rating on shares of the Canadian dairy company following its quarterly results.

"Strong FQ3 results and solid operating momentum were somewhat offset by a tepid commodity outlook, amped-up M&A talk and rising capex," Petrie said in a note to clients.

"None of these are particularly surprising or concerning to us, though we acknowledge elevated trade (headline) risk in 2026," the analyst said. "This may bring near-term volatility, but we view this as a buying opportunity."

"With visibility to two+ years of ~20% EPS growth, we are comfortable pushing our multiple to 20x."

TD analyst Michael Van Aelst maintained a Buy rating on Saputo.

"Profit growth accelerated for third straight quarter, and we see this continuing in Q4 with EBITDA/EPS +19%/+63%," Van Aelst said in a note to clients.

"Dairy demand is growing amid the global quest to consume more protein, and Saputo's strong execution, customer relationships and reliably high order fill rates are allowing it to gain share while exhibiting price discipline," the analyst said.

"ROI from past capital projects still have more to contribute."

(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)